Virgin Trains Delays IPO, Showing Sign of Investor Restraint

Virgin Trains Delays IPO, Showing Sign of Investor Restraint

Virgin Trains USA, which has plans to expand the Brightline rail in Florida, has postponed its IPO, a sign of restraint in an IPO market that had recently thawed.

The company, which is backed by Fortress Investment Group and had planned a concurrent share issue to Virgin Group, operates a passenger rail between Miami and West Palm Beach and has plans to extend that network to Orlando, along with additions elsewhere in the country. The deal was expected to price at a luxurious valuation of 15.8 times 2023 Ebitda, according to Renaissance Capital.